Downer tips profit slump

Townsville Bulletin - - Investor -

DOWNER EDI Ltd has down­graded its out­look for the full year af­ter swing­ing to a half-year loss ow­ing to fur­ther write­downs on its trou­bled train pro­ject for the NSW gov­ern­ment. The en­gi­neer­ing com­pany is seek­ing to raise $ 279 mil­lion in fresh equity from share­hold­ers to deal with cost blowouts and de­lays re­lated to the Waratah pas­sen­ger trains, be­ing con­structed mainly in China. Downer yes­ter­day posted a loss of $ 103.81 mil­lion for the six months to De­cem­ber 31 and scrapped its in­terim div­i­dend, say­ing it will as­sess whether to re­sume pay­ing div­i­dends later in the year.

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